Deepwater Horizon was the name of an oil rig that malfunctioned and exploded in the Gulf of Mexico on April 20, 2010, killing 11 crew members and creating a disastrous flow of oil into the ocean.
The Deepwater Horizon rig was owned by Transocean and was being leased by BP for deepwater drilling at one of BP's wells, the Macondo Prospect. BP's inability to stop the oil leak were deemed inadequate and irresponsible by many. (The leaking well has not been capped as of this writing, June 1, 2010, despite several tactics tried by BP.)
One thing making it difficult to stop the leak is the well's depth.
Related Fool Articles
Recent Mentions on Fool.com
- Big Oil and Renewables: Not So Strange Bedfellows
- Offshore Drilling Stocks: When's the Best Time to Buy?
- The 10 Worst Energy-Related Disasters of Modern Times
- 3 Cheap Dividend Stocks to Buy in October
- A Financial Ratio Analysis of Transocean LTD Stock
- How to Spread the Risk of Energy Investing for Income